Dallas

Everglade Park will be home to one community project to receive funding from the Dallas Neighborhood Vitality Grant Program (photo courtesy City of Dallas).

Which Dallas neighborhoods will receive grant dollars for community projects? What is holding many back from becoming homeowners in Dallas? We’ll look at that, plus see news on Opendoor’s newest round of funding and how it impacts North Texas in this week’s roundup of real estate news.

Sixteen Dallas Neighborhood Projects Receive City Funding

Sixteen projects across Dallas will receive Dallas Neighborhood Vitality Grant Program dollars this year to implement community improvements. (more…)

Matt Templeton of Keller Williams Urban Dallas regularly educates Realtors on how to make the most of the current market. (Courtesy Photo)

By Matthew Templeton
Managing Principal
KW Urban Dallas

It feels like there have been fundamental shifts in the real estate industry within the last few months. Technology is the buzz word, money is being thrown around, and CEOs of just about every top real estate-related company are out. The last few weeks’ news sums up that feeling.

September 2018: Compass closes another funding round for $400 million — money used to build more software and buy more agents.

And then …

February: Rich Barton (billionaire co-founder of Expedia and Zillow) takes the reins from Spencer Rascoff, who was CEO at Zillow for nine years.

February: Keller Williams rolls out the first artificial intelligence and data-driven platform in the real estate industry — others have been clamoring to follow

February: RE/MAX says [sic] “Our amazing technology is coming, and it will be best in class,” and makes a technology acquisition, Booj.

Last Week: Data-driven Opendoor will now show listings from rival brokerages and offer Redfin-like rebates.

Last Week: NTREIS Board holds a vote on whether to sell greater data access to Zillow. April will be a reckoning month for North Texas Realtors and their data.

We’ve moved into a new real estate era that is faster paced and increasingly powered by technology and data — more than ever before. But there’s something else afoot. It’s eerily similar to what happened with the dot-com bust. Real estate technology companies are flush with capital — in fact, 2018 was a banner year for real estate technology investment.

And yet many of the top “technology” or “platform” companies in the industry are not profitable.

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loveAs we’ve mentioned before, every week we solicit pitches for our various featured listing posts, including our weekly roundup of open houses – and we love what you send us.

You can tag us on Instagram, or even better, you can join our Facebook group, Getting the Dirt.  It’s a great place to virtually mingle with fellow professionals, ask questions, lend a hand, and, yes, pitch stories to CandysDirt.com writers. Not a Realtor? It’s a great place to get a first glimpse at some of the most recent listings all over North Texas, too.

Take, for instance, this week’s properties featured in our CandysDirt.com Open Houses of the Week. We have three incredible properties this week — and one of them has even taken pains to help you out with your Valentine’s Day needs.

Want to see who made a successful pitch? (more…)

Have you ever wanted to ask Alex Doubet of Door what motivates him? Or how he keeps the lights on? What is OpenDoor really about and how much do they charge sellers? Why did so many tip-top agents flock to Compass? Is it possible to sell your home online now? How big are the iBuyers, really? 

Get the inside scoop on how brokers, both big and small, new and old, are reinventing the way homes are bought and sold at the Dallas Division Realtor Panel on Thursday, Feb. 7, 11:30 a.m. at Maggiano’s NorthPark. This realtor panel will include Becky Frey, Compass; Janelle Alcantara, David Griffin & Co. Realtors, Founder of Galaxy Modern; Alex Doubet, Door; Beth Johnson, Keller Williams Realty; and Swathy Prithivi at Opendoor. 

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RichardsonEvery Thursday, we bring you our pick of the hottest North Texas properties in our CandysDirt.com Open Houses of the Week. These are the places you don’t want to miss that weekend.

This week, our houses range in price from $239,000 to $670,000, and can all be found in Richardson. Which ones will you visit?

Four-Bedroom Traditional in Gated Community

Open house: Saturday, Jan. 12, 2 p.m. to 4 p.m.

This four-bedroom, four-and-a-half bath home was custom built on a huge lot overlooking a Breckinridge Park, right in the gated community of the Hills of Breckinridge. (more…)

affordableEarlier this week, we mentioned the October housing report from the Texas A&M Real Estate Center, which provided this interesting tidbit: While home sales may be slowing down in the higher price points, the most affordable price points are still doing robust business.

“The market for homes priced less than $200,000 remained the exception, where the MOI held at 2.8 months with constant pressure downward,” the report said. A balanced market, economists say, is closer to six months of inventory.

So for this week’s CandysDirt.com Open Houses of the Week, we thought we’d take a look at this price point, and what you can get for that.

This week, our homes range in price from $155,000 to $200,000. Which ones will you visit? (more…)

WataugaWatauga, a suburb of Fort Worth, is hot. How hot? On average, homes in Watauga sell in 15 days — in fact, Realtor.com recently said that’s three percent faster than last year, and about 50 percent faster than homes in the rest of the country.

So for our inaugural Suburb Sunday, we decided to take a look at three homes in Watauga that provides the affordability of the suburbs but is close enough for its residents to enjoy everything Fort Worth has to offer.

CRISP, CLEAN HOME ON AMBER DRIVE

Address: 7428 Amber Drive
This home Amber Drive was built in 1995, but has recently had a renovation that keeps it current. While the finishes may not be luxury, they are durable and family-friendly, making this three-bathroom, two-bath home a great starter home. (more…)

Founding team at Opendoor

Opendoor, Open Listings, open sesame to way more disruption in the real estate world.

You know about the fast growing, fast-expanding home selling and buying company Opendoor. Launched in the Bay area in 2014, with Dallas as its second focus group city, OpenDoor has raised $645 million in equity financing, has $1.75 billion in debt, and plans to be in 18 markets across the country by year’s end ostensibly to wipe that debt away.

Opendoor takes all that private equity dough and makes instant offers on homes, based on an automated valuation system that determines home prices online, nearly instantly. Homeowners receive a cash offer and can move without the drudgery of selling their homes: no staging, no showings, minor repairs taken out of the equity. The AVM offers are usually lower than what a seller could fetch with a traditional marketing, but they are quicker and time, says Opendoor, is money. Many customers say the Opendoor offer is exactly what they were hoping to sell for. might prefer to pay 6.5 percent or more to Opendoor versus 6% to two agents to unload a home quickly and move on. People choose Opendoor because it gives them convenience and certainty of an offer and price, which gives them confidence to buy their next home. Opendoor also works with a certain price point of home: originally under $600,000 in Dallas/Fort Worth when they launched here, the company is currently only buying properties valued at $300,000 or less in Dallas/Fort Worth (temporarily) because they have so many properties here: 522 on the market.

On Tuesday, September 11, Opendoor made its first acquisition: it bought Open Listings, a discount, technology-based online brokerage with ready-made, in-house real estate agents and partner agents. The Los Angeles-based company launched in San Francisco in 2015 with the slogan, “Shop without an agent. We’ve got your back”. Now in most of California plus Seattle, Chicago, Austin and here in Dallas, the company offers on demand showings with minimal agent interaction, and in-house agents:

“We have different teams of agents that are focused on making the buyer’s experience as smooth as possible at each step, whether it’s researching properties, tracking down answers to specific buyer questions, helping buyers get pre-approved, providing on-demand showings, or fully supporting them from offer negotiations to closing.” 

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